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<p>The post <a href="https://coinpedia.org/news/official-unit-of-investigation-for-crypto-to-be-installed-in-south-korea-amid-crypto-crime-surge/">Crypto Crime Crackdown: South Korea Upgrades Investigation Unit to Permanent Status</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Cryptocurrency-related crimes are on the rise in South Korea, prompting the country to take decisive action. <a href="https://www.segye.com/newsView/20240428508879?OutUrl=naver">Reports indicate</a> that South Korea is set to transform its temporary crypto-crime investigative unit into a permanent department, aiming to tackle the growing concerns surrounding illicit activities in the digital asset space.</p> 
<p>Here’s more about this initiative. </p> 
<h2 class="wp-block-heading" id="h-jumping-into-action"><strong>Jumping Into Action</strong></h2> 
<p>Last year saw a significant surge in suspected illegal activities within the crypto sphere in South Korea, with over 16,000 cases reported by crypto companies—a staggering 40-fold increase. Urgency to address crypto security concerns intensified as reports unveiled a rapid proliferation of unlawful crypto-related activities associated with local companies. </p> 
<p>What’s particularly alarming is the 49% spike observed in suspicious transactions, totaling 17,764 reported cases in 2023 alone.</p> 
<p>The Financial Services Commission (FSC) highlighted a significant uptick in virtual asset-related crime cases, soaring by approximately 90% compared to previous years. The cumulative havoc wreaked by virtual asset-related crimes over the past half-decade has tallied up to a staggering 5.3 trillion won.</p> 
<h2 class="wp-block-heading" id="h-south-korea-s-efforts">South Korea’s Efforts </h2> 
<p>With mounting concerns, South Korea is redoubling its efforts to clamp down on crypto-related crimes. The country’s Justice Ministry and Ministry of the Interior and Safety are poised to commence discussions in early May to elevate the Joint Virtual Asset Crime Investigation Unit to an official department.</p> 
<p>This <a href="https://coinpedia.org/news/south-korea-unveils-ambitious-crypto-regulations-in-2024-work-plan/">planned transformation</a> aims to grant the unit a permanent mandate for continuous operation, replacing its current emergency status under the District Prosecutor of Seoul. By bolstering the unit’s resources with additional prosecutors and enhanced budget allocations, authorities anticipate a more robust and effective enforcement mechanism.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/north-korean-lazarus-group-targets-linkedin-in-yet-another-crypto-malware-campaign/">North Korea’s Lazarus Group Targets Crypto Firms in New LinkedIn Scam</a></p> 
<p>Established in July 2023, the Joint Virtual Asset Crime Investigation Bureau comprises over 30 seasoned professionals representing seven financial and tax regulatory bodies. It stands as a pioneering force in combating digital asset-related crimes in South Korea.</p> 
<h2 class="wp-block-heading" id="h-sending-a-crystal-clear-message">Sending a Crystal Clear Message </h2> 
<p>South Korea’s proactive approach extends to legislative measures, with the implementation of comprehensive crypto regulations effective as of July 19. These regulations aim to safeguard investor interests and root out illegal activities within the crypto market, imposing stringent penalties—including life sentences for severe market manipulation cases.</p> 
<p>As South Korea bolsters its legal framework and law enforcement capabilities to combat crypto crime, a clear message emerges: criminals will face consequences, and robust measures are in place to safeguard the integrity of the digital asset ecosystem.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/solana-meme-coin-projects-abandoned-after-raising-26-7-million-zachxbt-says-its-over/">Solana Meme Coin Projects Abandoned After Raising $26.7 Million: ZachXBT Says It’s Over</a></p>

Crypto Crime Crackdown: South Korea Upgrades Investigation Unit to Permanent Status

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